Sydney

Meriton purchases South Sydney site from UTC Aerospace Systems for AUD 47.5m

2014-03-20T05:00:00Z

A residential development site at 84-92 Epsom Road, Zetland has been sold

​​SYDNEY, 20 MARCH 2014 – A large residential development site in the South Sydney suburb of Zetland has been sold for AUD 47.5 million to Meriton.

JLL’s Head of Metropolitan Sales and Investments, NSW, Sam Brewer and Senior Negotiator, Sales and Investments, NSW Scott Timbrell negotiated the sale on behalf of Goodrich Control Systems Pty Ltd.

The substantial approx. 10,300 sqm development site, located at 84-92 Epsom Road, Zetland, is part of the redevelopment area of the AUD 8 billion Green Square precinct. The property is within 4.8km of the Sydney CBD, 5km from the Sydney Airport, with all main modes of public transport within walking distance.

According to Mr Brewer, “There is currently a limited stock of large residential development sites available in South Sydney, yet a high level of interest from Asian investors continues in the market. This is mainly due to its central location with no need to sit in traffic due to the train line, as well as the increasingly urbanised area with the Green Square project underway.

“We received a huge level of interest in the property and expect to see more of this for future residential development sites in South Sydney as supply gets tighter,” Mr Brewer added.

Mr Timbrell said, “The Green Square project is a driving a lot of the residential development demand in South Sydney. The project is expected to transform the area into Sydney’s next major cultural hub, with residential, retail and even office properties increasingly in demand in the area. Investors are recognising that married with its proximity to the airport and CBD, it’s a very attractive spot.”

The property has a significant 76 metre street frontage to Epsom Road, offering solid exposure to a busy thoroughfare. It is currently tenanted by UTC Aerospace Systems as their Customer Service Base, with improvements of a large, single-storey industrial warehouse including a factory, office and workshop.